The recent breach of the decentralized finance platform Radiant Capital has led to the suspected movement of stolen funds primarily to the Ethereum network, signaling a possible attempt by the hacker to obscure their trail. According to findings from a blockchain security firm, transactions linked to the exploiter have seen approximately 20,500 Ether, valued at around $52 million, transferred from layer-2 networks, specifically Arbitrum and the Binance BNB Chain, to Ethereum .
In the aftermath of this cybersecurity event, which resulted in a loss exceeding $50 million, Radiant Capital issued a warning to users on October 23. The platform advised that users should secure their wallets by revoking approvals to compromised smart contracts, as failure to do so could lead to further loss of funds. Following the exploit on October 16, Radiant halted all lending markets to prevent additional financial damage.
This exploit was atypical of conventional smart contract vulnerabilities. A subsequent analysis revealed that the attackers had gained access to the devices of at least three core developers of Radiant Capital through an advanced malware attack, which allowed them to manipulate the multisignature wallet associated with the protocol. As a result, the total value locked in Radiant has dropped significantly — by 66% — falling to about $24 million, as reported by DefiLlama.
This incident marks the second compromise of Radiant Capital within the year, having previously faced a $4.5 million flash loan attack in January. The trend of hackers utilizing Ethereum as a means to launder their stolen assets through mixers has been prevalent, with multiple other platforms also falling victim to similar exploits throughout the year. Cumulatively, losses from crypto-related hacks exceeded $120 million in September, although this figure represented the second-lowest monthly total in 2024.
